Introduction
The Credit-Based Money Market
3Jane is a peer-to-pool credit-based money market on Ethereum enabling unsecured lines of credit underwritten against verifiable proofs of crypto & bank assets, future cash flows, and credit scores. This unlocks a three-dimensional collateral space within crypto financial markets by introducing future-backed credit alongside existing asset-backed loans. 3Jane integrates onchain address credit scoring models via Cred Protocol and Blockchain Bureau with offchain VantageScore 3.0 credit scores via zkTLS, enabling risk-adjusted underwriting at scale. To maintain protocol solvency, 3Jane operates onchain auctions where U.S. collections agencies can bid on non-performing debt. By expanding access to unsecured credit, 3Jane unlocks a new era of capital efficiency, empowering a new class of high-productivity economic actors - including cryptonative sole proprietors, businesses, and AI agents - to access credit against future productivity.
3Jane introduces a scalable and permissionless credit system that extends capital to merchants based on verifiable financial proofs of crypto assets and credit data, rather than posting onchain collateral alone. 3Jane expands instant capital access across two key user segments:
greater capital-efficiency for asset-rich yield farmers and traders by leveraging their entire financial profile across all DeFi assets, centralized exchanges, brokerage, and bank assets.
enables capital access to high-productivity asset-light businesses and AI agents for working capital and growth financing across financial markets, service markets, and resource markets, underwritten against their future cash-flows.
The protocol has three primary functionalities:
Core money market: two-sided market where suppliers deposit USDC into the pool to mint USD3, and optionally stake for sUSD3, and get exposure to a diverse pool of credit lines to crypto creditors. On the other side, merchants permissionlessly connect their ETH address and bank account via Plaid and instantly generate a 0% collateral open-term variable-rate USDC credit facility
Credit underwriter: 3Jane-operated offchain credit underwriting algorithm 3CA that underwrites credit lines against all of a user’s verifiable (1) DeFi assets, offchain assets, and future assets (ie. cash flows) and (2) onchain/offchain credit scores. It derives the credit line amount, default credit risk premium interest rate on top of the base money market interest rate, and the repayment rate
Credit slasher: 3Jane maintains protocol solvency by implementing three mechanisms for incentivizing repayment: (1) slashing the 3Jane score which decreases future credit line sizes and increases future interest rates (2) pooled upside model where late interest repayments from defaulters is distributed pro-rata across all existing merchants (3) initiating a non-performing (NPL) auction which engages licensed U.S. collections agencies who may bid on collecting the debt on a contingency basis and subsequently pursue legal recourse if necessary
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